Canadian Dollar FX Update March 29, 2018
USD/CAD Open: 1.2904-1.2905 Overnight Range: 1.2888-1.2946
The Canadian dollar was rangebound in overnight currency exchange markets. Oil is at $64.30 and gold is at $1,326. US futures are higher. Today Canada released GDP data for January.
The short term Canadian dollar technicals are neutral. For today, USD resistance is at 1.2934. Support is at 1.2864.
The Canadian dollar is lower earlier in today’s session, following disappointing GDP data for January. The Canadian economy contracted 0.1% in January, against expectations of a gain of the same magnitude. The Canadian economy is ostensibly slowing down, after surging late last year. GDP data will figure prominently alongside inflation data for upcoming Bank of Canada rate decisions. There are no additional releases expected for today.
Today’s Suggested Range USD/CAD: 1.2850 – 1.2950
Sincerely,
Rahim Madhavji | Knightsbridge Foreign Exchange | Toll-Free: 1-877-355-5239
www.knightsbridgefx.com
Knightsbridge Foreign Exchange has based the opinions expressed herein on information generally available to the public. Knightsbridge Foreign Exchange makes no warranty concerning the accuracy of this information and specifically disclaims any liability for trading decisions based on the opinions expressed and information contained herein. Such information and opinions are for general information only and are not intended to present advice with respect to matters reviewed and commented upon.
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By Admin | March 29, 2018 | Daily Update |
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